Friday, February 17, 2012

Day 8

Day 8 is all about assessing your prices. Are your prices too high? Are they too low?

Underselling items can cause many dilemmas. When buyers see you have "cheap" prices they think why is this so cheap? Is it poor quality? All though this may not be the case, customers can't see or feel your product. They rely on your photos and the pride you have in your work to assure them of the purchase.
Another problem underselling products can cause is demand. I have learned this first hand. My first craft show I sold completely out, I had a pretty large amount of inventory for my first show and I had  my items priced way to low. I sold out before the show was over and all though I was ecstatic when I added up my expenses vs my profit I didn't make that much.

If your items are overpriced how do you know? Research your competition. Find sellers like you with like products in quality. If your prices are way over figure out why? How can they sell their products for so much less, and if you can adjust your prices do so. If you are happy with your prices but are at a higher point, try adding smaller or less expensive items into the mix.

If you have no idea where to start when it comes to pricing ask yourself these questions.

How much are supplies?
How long did it take to make it?
How unique is it?
What techniques do you use to make it?
What makes you stand out?

There is so much that goes into pricing. Time and experience are sometimes best when it comes to it. The number one thing to keep in mind is pride. Be proud of your work. You are a handmade artist taking chances and putting your creations out there. If that isn't worth something then I don't know what is.

No comments:

Post a Comment